November 21, 2019
EB-5 Investment Coalition Calls for Congress to Continue Advancing EB-5 Reform Legislation
WASHINGTON, D.C. – The EB-5 Investment Coalition (EB-5IC), a broad-based coalition representing EB-5 industry participants across the country, today released the following statement from EB-5IC Board Member Laura Reiff:
“It is deeply unfortunate to see the Department of Homeland Security’s new rule covering the EB-5 Regional Center program go into effect today. These new regulations fail to truly modernize this merit-based immigration program and will put hundreds of thousands of American jobs at risk while stifling development in both rural and urban communities.
“A recent study on the economic impact of EB-5 found that in just two years, a total of $10.98 billion of capital investment in EB-5 projects supported more 355,000 American jobs and program contributed more than $23 billion in labor income to the economy. The most recent U.S. Department of Commerce study of EB-5 further validates the economic impact of this program. DHS’s new rule will keep this change-making investment from helping the communities that need it most.
“We appreciate the continued leadership of Senator Rounds, Senate Judiciary Chairman Graham, and Senators Cornyn and Schumer, who convened a diverse group of industry stakeholders over the course of several months to achieve consensus legislation to reform the EB-5 Regional Center program. We hope Congress will now move with speed to consider their proposal, which, unlike the DHS regulations, includes critical integrity measures that will deter fraud and protect our national security.
“Reform done right is still possible, but the imperative is even greater now that the damaging force of these regulations is beginning to bear down on the EB-5 program.”